Carrier Global CorporationCARR
NYSE•Industrials•Building Products & Equipment
Carrier Global Corporation provides intelligent climate and energy solutions in the United States, Europe, the Asia Pacific, and internationally. It operates through four segments: Climate Solutions Americas; Climate Solutions Europe; Climate Solutions Asia Pacific, Middle East & Africa; and Climate Solutions Transportation. The company provides air conditioners, heating systems, heat pumps, home and building energy management systems, automation systems, aftermarket components, and repair and maintenance and rental services, as well as modernization and upgrades to meet the heating, cooling, and ventilation needs of residential and commercial customers. It also offers transport refrigeration and monitoring products, services, and digital solutions for trucks, trailers, shipping containers, and intermodal and rail applications. The company offers its products under the Carrier, Viessmann, Toshiba, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, Carrier Transicold, and Sensitech brands. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.
Carrier Global Corporation (CARR) reported trailing twelve months revenue of $21.87B as of March 2026, a 1.6% increase year-over-year. Quarterly revenue reached $5.34B, reflecting continued top-line momentum.
Carrier Global Corporation generated $1.42B in TTM net income, with quarterly EBITDA of $259.00M. The operating margin contracted from 12.1% to 4.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (4.8%) and net margin (5.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 8.4% a year ago, reflecting increased costs or interest expense.
CARR trades at a P/E of 32.1x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-28.00M, indicating cash consumption over the period. The balance sheet shows $37.19B in total assets with $10.42B in long-term debt against $13.80B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 6.0%. The business may lack pricing power or face rising costs.'
ROE averages 25.7% but has fluctuated — the competitive advantage may be cyclical or emerging.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 2.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 7.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation